Report

Raiffeisen Research Institutional Equity Daily 01.08.2022

 AT: Erste Group - Q2 net profit 11% ahead of consensus on risk costs release / 2022 outlook marginally lifted / max risk costs of 90 bps in 2022 and 85 bps in 2023 in stress scenario (positive)
 AT: Rosenbauer - Resignation of CEO Siegel, CFO Wolf to resume CEO position in personal union (neutral)
 CZ: CEZ - CEZ started withdrawal from Turkey (positive)
 DE: Real Estate - Q2 market data shows first increases in yields (negative)
 GE: Baader Bank - announces the subscription price for stock dividend (neutral)
 HU: MOL - Government raised the special tax paid by MOL's refining segment to 40% (negatie)
 PL: PGNiG - Disappointing Q2 preliminary earnings on significantly higher losses from gas trading (negative)
 RO: One United Properties - One announced the end of stage 1 of the capital increase operation
Underlyings
Baader Bank AG

Baader Bank is a securities trading bank. In market making, Co. provides its customers services for pricing, trading and settlement of financial instruments on the global capital markets. In investment banking, Co. concentrates in German, Austrian and Swiss equities. Co. provides institutional investors trading and distribution unit for equities, bonds, futures and options. Co. also advises medium-sized company's inequity and debt capital market transactions such as IPOs, corporate actions, bond issues and the structuring and placement of promissory notes.

CA Immobilien Anlagen AG

CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.

CEZ as

CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.

Erste Group Bank AG

Erste Group is a financial services provider based in Austria. As of Dec 31 2015, Co.'s total assets amounted to Euro199,743 million and the number of customers was approximately 16.5 million. Co.'s key business is the retail business, covering the entire spectrum from lending, deposit and investment products to current accounts and credit cards. In addition to providing financial services to private individuals, Co.'s core activities also include advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations.

IMMOFINANZ AG

Immofinanz AG is an Austria-based real estate company that invests in commercial properties. The Company's core activities are the management and development of retail and office properties in selected Central and Eastern European countries. The Company focuses its operations on such markets as Austria, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, Romania and Poland. The Company manages a portfolio of approximately 240 properties, covering rentable space of approximately 1.8 million square meters. In the office sector, the Company concentrates on the capital cities of the core countries and the major office locations in Germany with its international myhive brand. The Company's activities in the retail sector are based on the brands STOP SHOP for retail parks and VIVO! for shopping centers which are designed for secondary and tertiary cities of Central and Eastern Europe.

MOL Hungarian Oil & Gas Plc Class A

Magyar Olaj-Es Gazipari is an integrated oil and gas enterprise based in Hungary and active in central and eastern Europe. Co.'s core activities include: exploration and production of crude oil, natural gas and gas products; refining, transportation, storage and distribution of crude oil products in both retail and wholesale markets; importation, transportation, storage and wholesale trading of natural gas and other gas products; and the production and sale of olefins and polyolefins. TVK, the petrochemical affiliate of Co., is an olefin and polyolefin producer in Hungary.

ONE UNITED PROPERTIES SA

Polskie Gornictwo Naftowe i Gazownictwo SA

Polskie Gornictwo Naftowe I Gazownictwo SA Polish Oil & Gas Co (PGNiG) is an integrated natural gas company based in Poland. Co.'s core activity covers exploration and production of natural gas and crude oil as well as import, storage, trade and distribution of gas and liquid fuels. Co.'s scope of activity includes gas trading and commercial support, as well as operation, maintenance and expansion of its distribution system. Co.'s distribution networks comprises over 100 thousand kilometers of gas pipelines (high, upper-medium, medium and low pressure), which cover primarily industrialized and urbanized areas of the country.

Rosenbauer International AG

Rosenbauer International is a holding company. Co. through its subsidiaries is engaged in the manufacture, sale and distribution of mobile fire protection and civil defense solutions. Co. maintains five business segments: vehicles, aerials, fire and safety equipment, service and spare parts/others, fire fighting components. Co.'s product portfolio includes a range of municipal fire fighting vehicles and aerials built to both European and the United States standards, series of aircraft rescue and fire fighting vehicles, industrial fire fighting vehicles, fire and safety components and equipment. Co. provides services and spare parts, instruction and training programs for its products.

S IMMO AG

S Immo AG is an Austria-based company engaged in the real estate sector. The Company specializes in the acquisition, letting and sale of properties. Furthermore, It offers real estate project developments, which includes Einsteinova office, Quartier Belvedere Central, and The Mark office project, among others, renovation of existing properties, asset and portfolio management and a range of services, such as facility management and brokerage. The Company's real estate portfolio comprises residential, office, retail and hotel properties. It operates four geographical segments: Austria, Germany, Central Europe (CEE) and Southeastern Europe (SEE). In addition, the Company is a parent of CEE Immobilien GmbH, Hansa Immobilien EOOD, Rega Property Invest sro, Ikaruspark GmbH, SC Societate Dezvoltare Comercial Sudului (SDCS) SRL, Maior Domus Hausverwaltung GmbH, and Eurocenter doo, among others.

UBM Development AG

UBM Realitaetsentwicklung is engaged in the the development, utilization and management of real estate. Co.'s projects include: hotels; trade/entertainment; office blocks; logistics/commerce; urban development; residential buildings; revitalization; special projects; and garages/parking.

Warimpex Finanz und Beteiligung

Warimpex is a real estate group based in Austria Co. is a "hybrid" real estate company that develops and operates properties itself as an asset manager and property owner until the time at which the highest added value can be realized through sale. The majority of these projects is located in Central and Eastern Europe. Co. has developed real estate with investments including hotels in the five-, four- and three-star categories. In addition, Co. also develops office buildings and other real estate. Accordingly, Co. generates revenue from the operation of hotel properties and the letting of commercial and office space while simultaneously realizing proceeds from real estate sales.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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